Govt mulling over code for direct taxes

New Delhi, Apr 9 (UNI) The government today said it is planning a code for direct taxes which would be put on the website for public opinion.

''The formalities are underway and the notification in this regard would be issued shortly,'' said Mr P V Bhide, Revenue Secretary, Ministry of Finance, at an interactive meeting organised by American Chamber of Commerce (AMCHAM) here.

Responding to the concerns regarding the Transfer Pricing Regulations and suggestion to introduce Advance Pricing Mechanism, Mr Bhide said the problem was on both the side.

The government would conduct joint session with the corporate sector to identify a pattern of problems and would bring amicable solutions to table.

On the issue of unduly long litigations faced by not only American firms, but by all corporations, Mr Bhide said the department has started initiating talks with MNC for speedy clearance of issues in courts.

Mr Bhide added that there was a need for corporates to come forward to assist the government in ensuring that Goods and Services Tax was in place by April 2010. This would put many service tax issues affecting the companies to rest.

Earlier, Amcham, Chairman K N Memani said, ''we do need a long-term road map for tax reforms in India -- what really is desired is a consistent effort towards improving the tax systems of the country so that it achieves its objective of raising adequate revenues in an efficient and equitable manner.'' Mr Arvind Modi, Joint Secretary, TPL, Central Board of Direct Taxes (CBDT) and Mr J K Batra, Member, Central Board of Excise and Customs (CBEC) were also present for the interactions.

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